Finance Glossary

Example: Producers faced basis risk when local crude discounts widened versus benchmarks.

Example: Traders watched the WTI calendar spread to gauge how tight prompt barrels were.

Example: Soft China data pressured commodities and nudged US yields lower.

Example: A deep contango in crude signaled ample supply and weak near-term demand.

Example: Real assets like energy and infrastructure drew inflows during the rotation.

Example: Portfolio rebalancing pushed value higher as yields dipped and the dollar softened.

Example: Oil stayed range-bound as traders waited for clearer demand signals.

Example: The AT1 wipeout rattled the broader bank capital stack.

Example: AT1 desks saw capital-spread repricing within hours of the deal.

Example: CDS levels spiked as investors hedged bank exposure.

Example: Bank results beat expectations, lifting financials and steepening the curve.

Example: Markets digested the hawkish hold with weaker equities and wider credit spreads.

Example: A wave of fallen angels pressured IG ETFs with forced selling.

Example: Prime broker risk controls tightened across desks after the blow-up.

Example: Regional contagion risk spread to peer bank stocks.

Example: Regulators choreographed a shotgun bank merger over one weekend.

Example: The sovereign downgrade to AA+ revived questions about fiscal anchors.

Example: Spread widening hit CCC bonds first as risk-off took hold.

Example: Total-return swap leverage hid Archegos’s concentration until margin calls hit.

Example: Brent backwardation steepened as inventories fell.

Example: Cooler inflation data and month-end flows pulled yields lower and lifted equities.

Example: A wider crack spread boosted refiners despite flat crude.

Example: Gas-to-oil switching raised distillate demand during the cold snap.

Example: Crude’s inventory-driven oil slip lacked follow-through from funds.

Example: Oil above $100 underscored the invasion’s supply shock.

Example: OPEC+ chose to slow-walk supply increases despite $80+ crude.

Example: Strategic reserve talk resurfaced as prices squeezed consumers.

Example: US cash markets were closed, leaving global trade subdued.

Example: Softer PMIs trimmed yields while equities digested mixed growth signals.

Example: A supply-shock oil bid followed the refinery strikes.

Example: An underinvestment squeeze left little spare capacity for winter.

Example: A firm private payrolls print kept yields elevated and equities cautious.

Example: A cooler CPI print hit yields and ignited a broad equity rally.

Example: Fresh inflows lifted equities as manufacturing data and oil prices pointed higher.

Example: Softer PMIs trimmed yields while equities digested mixed growth signals.

Example: Crypto softened and futures sagged slightly after a tech-led selloff.

Example: A hot payrolls print could be the defensive rotation trigger.

Example: Bank results beat expectations, lifting financials and steepening the curve.

Example: Bankers kept ECM thaw watch as more IPOs queued up.

Example: Ending ETF purchases signaled a quieter BOJ footprint in equities.

Example: A pivot to value signaled a factor rotation out of crowded growth names.

Example: Regulators renewed family office transparency pushes post-Archegos.

Example: Issuers launched a fee war kickoff to grab ETF market share.

Example: The first-day 25% pop emboldened other tech issuers.

Example: Markets paused after a volatile week as month-end positioning settled.

Example: Forced block unwinds hammered media and tech stocks in a day.

Example: Futures-to-spot rotation hit volumes in existing trusts.

Example: Cautious tech guidance weighed on equities as Treasuries caught a bid.

Example: High-beta tech lagged when rates jumped and risk appetite cooled.

Example: Leadership breadth stayed narrow as defensives outperformed cyclicals late.

Example: Market breadth divergence left most stocks red even as the index held flat.

Example: AI enthusiasm drove multiple expansion even as profits leveled off.

Example: A steadier futures open hinted at stabilization before the Fed decision.

Example: Equities climbed while Fed commentary tempered hopes for fast cuts.

Example: Markets digested the hawkish hold with weaker equities and wider credit spreads.

Example: The index stayed range-bound ahead of payrolls.

Example: Rate-sensitive valuations could cool if long yields climb again.

Example: Rotation into energy and defensives drained momentum from tech.

Example: Sector rotation to energy stole flows from megacap tech.

Example: A strong services print lifted yields and pushed leadership toward banks and cyclicals.

Example: Equities climbed while Fed commentary tempered hopes for fast cuts.

Example: Spot ETF approval drew mainstream flows into bitcoin overnight.

Example: A structural rotation pulled capital out of megacap tech and into energy and defense.

Example: Top-of-range pricing signaled strong demand for Arm shares.

Example: Higher yields kept money flowing into value while growth remained under pressure.

Example: Vol-control strategies dialed back risk despite a quiet VIX.

Example: A strong jobs report with softer wages lifted yields and split equity leadership.

Example: Jobless claims ticked higher as markets held steady into payrolls.

Example: JPY-funded carry trades unwind fast when volatility spikes.

Example: A dollar bid followed the upside inflation surprise.

Example: The dollar smile explains why USD rallied during risk-off despite soft U.S. data.

Example: Dollar strength hit EM FX and capped gold as haven flows built.

Example: Dollar weakness boosted commodities and EM funding conditions.

Example: Higher yields kept money flowing into value while growth remained under pressure.

Example: Soft China data pressured commodities and nudged US yields lower.

Example: The Fed held rates but signaled patience, lifting yields and the dollar.

Example: A flow-driven dollar bid persisted even without new macro catalysts.

Example: Fixing flows stirred FX while equities closed flat into the new year.

Example: A spike in haven demand pushed the Dollar Index higher as equities hesitated.

Example: Mild dollar softness reflected cautious positioning rather than conviction.

Example: A safe-haven bid lifted USD and CHF when equities slid.

Example: A softer USD tailwind amplified commodity gains.

Example: The sterling slide mirrored the gilt selloff after the budget.

Example: A yen firming drift followed narrowing rate differentials.

Example: Oil carried a higher risk premium after tensions escalated.

Example: Crypto softened and futures sagged slightly after a tech-led selloff.

Example: Traders added a sanctions premium to Russian-linked commodities.

Example: Sanctions risk widened spreads on companies linked to the conflict.

Example: A supply-chain reroute through alternate ports raised shipping costs.

Example: A bank run spiral emptied SVB’s deposits in a day.

Example: The bid-ask spread blew out after the data release.

Example: Thin reopening trade kept the dollar soft while energy and value led a quiet risk bid.

Example: Hedging flow into gold and defense stocks stayed steady as macro risks built.

Example: Prices meandered in a holiday liquidity drift into year-end.

Example: Thin reopening trade kept the dollar soft while energy and value led a quiet risk bid.

Example: Crypto eased and futures were quiet as markets paused after a busy data week.

Example: LDI collateral squeeze forced pension funds to dump assets.

Example: The selloff hit a liquidity air pocket and skipped bids.

Example: A liquidity backstop wall from the SNB aimed to stop outflows.

Example: Crypto steadied after the payrolls week while broader markets stayed quiet.

Example: With US cash markets closed, futures and global risk stayed subdued as desks focused on year-end positioning.

Example: Thin depth made it easy for small orders to move futures prices.

Example: Futures were steady as traders waited for a packed economic calendar.

Example: A soft futures open and steady FX underscored the lack of conviction into Monday.

Example: Options expiration stirred intraday swings but left the week essentially unchanged.

Example: A soft futures open and steady FX underscored the lack of conviction into Monday.

Example: Fresh inflows lifted equities as manufacturing data and oil prices pointed higher.

Example: Fresh inflows lifted equities as manufacturing data and oil prices pointed higher.

Example: Large orders in illiquid names faced heavy slippage.

Example: US cash markets were closed, leaving global trade subdued.

Example: Crypto eased and futures were quiet as markets paused after a busy data week.

Example: Crypto retraced part of Friday's gains as liquidity thinned again.

Example: Crypto softened and futures sagged slightly after a tech-led selloff.

Example: Mega-cap buying met a modest rate bounce as dealers managed year-end books.

Example: With US cash markets closed, futures and global risk stayed subdued as desks focused on year-end positioning.

Example: The 6.2% headline shock jolted rate expectations.

Example: Energy acted as ballast when tech wobbled.

Example: Futures firmed as Asia traded higher and focus turned to the next data cycle.

Example: Futures firmed as Asia traded higher and focus turned to the next data cycle.

Example: A consensus print would likely keep rates range-bound and risk supported.

Example: A cooler CPI print hit yields and ignited a broad equity rally.

Example: Futures were calm as traders braced for the CPI print and earnings kick-off.

Example: Futures firmed as Asia traded higher and focus turned to the next data cycle.

Example: The Fed held rates but signaled patience, lifting yields and the dollar.

Example: Futures were steady as traders waited for a packed economic calendar.

Example: Desks kept risk light in data-pause positioning ahead of payrolls.

Example: Funds stayed in a data-watch posture waiting for December prints.

Example: Fixing flows stirred FX while equities closed flat into the new year.

Example: The PMI diffusion index slipped below 50, hinting at slower manufacturing.

Example: The softer shelter print was a disinflation signal that let the 10-year dip.

Example: Futures were calm as traders braced for the CPI print and earnings kick-off.

Example: Energy-driven inflation complicated central bank tightening plans.

Example: Markets stayed flat as traders waited for the Fed decision.

Example: With US cash markets closed, futures and global risk stayed subdued as desks focused on year-end positioning.

Example: Officials cited a growth-cooling rationale for moving ahead of the Fed.

Example: Futures were steady ahead of the US holiday as traders looked to earnings.

Example: Markets stayed flat as traders waited for the Fed decision.

Example: With US cash markets closed, futures and global risk stayed subdued as desks focused on year-end positioning.

Example: Futures were steady ahead of the US holiday as traders looked to earnings.

Example: A mixed producer inflation print kept markets balanced after the CPI rally.

Example: Jobless claims ticked higher as markets held steady into payrolls.

Example: Energy and infrastructure served as a macro anchor while central-bank messaging whipsawed risk assets.

Example: Crypto steadied after the payrolls week while broader markets stayed quiet.

Example: Crypto retraced part of Friday's gains as liquidity thinned again.

Example: Positioning flipped from a melt-up vs controlled reset as each data print hit tape.

Example: Cooler inflation data and month-end flows pulled yields lower and lifted equities.

Example: DXY slipped to month-to-date lows after the CPI miss.

Example: A strong jobs report with softer wages lifted yields and split equity leadership.

Example: A closing output gap reduced slack and kept wage pressures elevated.

Example: Softer PMIs trimmed yields while equities digested mixed growth signals.

Example: A mixed producer inflation print kept markets balanced after the CPI rally.

Example: Jobless claims ticked higher as markets held steady into payrolls.

Example: Global cash markets were closed, leaving only light futures and crypto activity.

Example: Hot retail sales lifted yields and pushed leadership back to cyclicals.

Example: Markets stayed flat as traders waited for the Fed decision.

Example: Payrolls sparked a recalibration in Fed-path pricing rather than a trend reversal.

Example: A steadier futures open hinted at stabilization before the Fed decision.

Example: Hot retail sales lifted yields and pushed leadership back to cyclicals.

Example: Crypto retraced part of Friday's gains as liquidity thinned again.

Example: Crypto steadied after the payrolls week while broader markets stayed quiet.

Example: Stocks staged a risk rally reaction to the speech.

Example: Crypto eased and futures were quiet as markets paused after a busy data week.

Example: With cash markets shut, crypto and futures were the only real risk signals.

Example: Services inflation watch stayed front and center for the ECB.

Example: Markets priced a soft landing after growth held up while inflation eased.

Example: Markets paused after a volatile week as month-end positioning settled.

Example: Futures were steady as traders waited for a packed economic calendar.

Example: Hot retail sales lifted yields and pushed leadership back to cyclicals.

Example: The unfunded mini-budget torched gilt confidence in hours.

Example: Portfolio rebalancing pushed value higher as yields dipped and the dollar softened.

Example: With cash markets shut, crypto and futures were the only real risk signals.

Example: Positive dealer gamma helped pin the index into the close.

Example: Options expiration stirred intraday swings but left the week essentially unchanged.

Example: A gamma squeeze in a popular meme stock sparked a sharp intraday rally.

Example: Options expiration stirred intraday swings but left the week essentially unchanged.

Example: Steeper skew showed stronger demand for downside protection.

Example: Speech-driven volatility spiked around each line of the Q&A.

Example: Long premium trades suffered vega bleed after the event passed quietly.

Example: Futures were calm as traders braced for the CPI print and earnings kick-off.

Example: Cautious tech guidance weighed on equities as Treasuries caught a bid.

Example: Volatility whipsaws followed each headline in the first trading sessions.

Example: The curve still sketched a 2024 cut path despite Fed optionality.

Example: The 5% yield milestone spooked duration buyers in October.

Example: Markets treated 5.25–5.50% as the likely terminal band after the July hike.

Example: Accelerated taper risk crept into discussions after the CPI print.

Example: Strong demand at the 2-year auction pulled yields lower ahead of the Fed.

Example: Mega-cap buying met a modest rate bounce as dealers managed year-end books.

Example: Traders put auction takedown watch front and center for the week.

Example: A strong services print lifted yields and pushed leadership toward banks and cyclicals.

Example: Dealers braced for a bill-issuance surge after the debt ceiling deal.

Example: BoE rescue buying steadied the long end temporarily.

Example: Higher yields kept money flowing into value while growth remained under pressure.

Example: Portfolio rebalancing pushed value higher as yields dipped and the dollar softened.

Example: Soft data triggered a bull steepener as 10s rallied harder than 2s.

Example: Mega-cap buying met a modest rate bounce as dealers managed year-end books.

Example: Curve flattening showed investors doubted the growth runway.

Example: A deeper curve inversion signaled markets expect cuts after a policy peak.

Example: Bank results beat expectations, lifting financials and steepening the curve.

Example: The curve-flattening recession tell flashed as growth fears mounted.

Example: Fed funds futures showed cut pricing pull-forward into mid-2024.

Example: Powell repeated a data-dependent stance before deciding on another move.

Example: The dot-plot jump to 3.4% reset year-end rate expectations overnight.

Example: December’s downshift to 50 bps marked the end of jumbo moves.

Example: Strong demand at the 2-year auction pulled yields lower ahead of the Fed.

Example: A strong services print lifted yields and pushed leadership toward banks and cyclicals.

Example: Duration mismatch losses eroded capital as rates climbed.

Example: A firm private payrolls print kept yields elevated and equities cautious.

Example: Solid auction demand showed duration demand was still present into payrolls.

Example: Earlier liftoff pricing showed up across futures curves.

Example: Futures showed Fed path repricing with hikes quickly priced out.

Example: A mixed producer inflation print kept markets balanced after the CPI rally.

Example: The first cut to 3.75% opened a cautious easing path.

Example: Front-end hawkish pricing held even as stocks bounced.

Example: Equities climbed while Fed commentary tempered hopes for fast cuts.

Example: The Fed held rates but signaled patience, lifting yields and the dollar.

Example: Fixing flows stirred FX while equities closed flat into the new year.

Example: The half-point liftoff set the tone for a faster hiking cadence.

Example: Powell’s higher-for-longer message faded the initial rally.

Example: Bond desks warned of long-end whiplash risk if wages surprised.

Example: Soft PMIs triggered a long-end yield retreat.

Example: Guidance delivered a measured path signal rather than a rush to ease.

Example: The mortgage-rate squeeze pushed housing affordability to new lows.

Example: The negative-rate exit closed a decade-long experiment in Japan.

Example: Equities rallied on the no-75-for-now relief in May’s presser.

Example: Optionality on quarters let the Fed keep tightening without shocking credit.

Example: Traders leaned into the peak-rate narrative after the cooler CPI.

Example: Positive real rates signaled restrictive policy even without further hikes.

Example: Markets started a QT countdown once balance-sheet runoff was flagged.

Example: Investors parsed QT runoff caps to gauge how fast liquidity would drain.

Example: Quarter-point liftoff finally ended the pandemic zero-rate era.

Example: A steadier futures open hinted at stabilization before the Fed decision.

Example: Growth names underperformed as rate sensitivity rose after payrolls.

Example: Cooler inflation data and month-end flows pulled yields lower and lifted equities.

Example: Lower breakevens delivered real-yield relief for equities.

Example: Investors briefly had the risk-free premium questioned after the cut.

Example: A safe-haven rally pulled Treasury yields lower intraday.

Example: The seven-hike dot path mapped a brisk 2022 tightening run.

Example: Powell’s slower-pace hint teed up a 50 bp move in December.

Example: Futures priced a sprint toward neutral after the June meeting.

Example: The supersized 75 bp catch-up was a scramble to restore credibility.

Example: A looming supply overhang kept Treasury auctions under pressure.

Example: Rising term premium pushed the 10-year higher even without new hikes priced.

Example: A term premium rebuild nudged 10-year yields higher even without new hikes priced.

Example: Supply jitters fueled a term-premium rebuild at the long end.

Example: The terminal dot at 5.1% surprised a market pricing a lower peak.

Example: He paired it with a terminal higher caveat to avoid a dovish read.

Example: Treasury firmness into payrolls showed desks hedging for uneven data, not panic.

Example: With cash markets shut, crypto and futures were the only real risk signals.

Example: YCC retirement lifted caps on long JGB yields.